In particular, the Bodrum peninsula—whose marinas, beach resorts and fishing villages have made it a summer playground to rival the south of France and Ibiza—has seen a surge of interest from international buyers. Istanbul remains popular with investors.

Turkey was followed by New Zealand and Sweden, which saw growth of 14.2% and 12.3% respectively. In the U.S., prices were up 5.4%, while the U.K. saw the average cost of a home rise by 4.2%.

Higher stamp duty rates for more expensive homes combined with concerns that the latter might leave the Europe Union have weighed on demand for properties in the U.K.. This, in turn, has led to slower price growth.

Elsewhere, house prices in Hong Kong increased in 2015, but the rate of growth slowed significantly from 17%, per Knight Frank’s Q3 report, to 7% in their Q4 data. Knight Frank attributes this slowdown to rising supply, China’s financial market volatility and expected interest rate hikes.

Overall, the Global House Price Index increased by 3% in 2015, up from 2.3% a year earlier. Forty-three of the 55 countries tracked in the report showed positive annual price growth in 2015, although Knight Frank believes this year will be “muted.”

Kate Everett-Allen, international residential researcher at Knight Frank, said, “We expect the index’s overall rate of growth to be weaker in 2016 than 2015. The global economy is experiencing a potentially dangerous cocktail of low oil prices, a strong dollar and a continued slowdown in China.”